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Bank Charges: Banks turn away 'unprofitable' bankrupt consumers

Bankrupt consumers in the UK are being refused bank accounts because they are not seen as profitable consumers by providers, it has been claimed

Ian Boden-Smyth, spokesperson for The UK Insolvency Helpline, claimed banks are looking for wealthy individuals who will purchase financial products like mortgages and life insurance.

He explained: "They [banks] want customers that will be with them for a long time and they want to sell other services."

The Citizens Advice Bureau recently revealed that bankruptcy among Britons rose by 249 per cent over the last decade.

As the number of bankrupt individuals increased, this led to less people having access to basic banking as only two high street banks currently offer services to these customers.

Basic bank accounts allow workers to receive wages and set up direct debits.

Consumers without a basic bank account will find it harder to find employment as wages can not be transferred electronically.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his beltADNFCR-2776-ID-800002612-ADNFCR

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